Flour Mills of Nigeria profit falls 11%

by World Grain Staff
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LAGOS, NIGERIA — Flour Mills of Nigeria Plc said on July 2 that first-quarter profits through March fell 11%.

Net income slipped to 8.38 billion naira ($55.5 million) from 9.45 billion naira ($58 million) a year earlier. Revenue climbed to 258.27 billion naira ($1.6 billion) from 238.79 billion naira ($1.5 billion).

Presenting its result to the Nigerian Stock Exchange (NSE), the company said it has proposed to reward shareholders with N1.60 kobo, while the yearly general meeting is scheduled on Sept. 12.

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